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TMI Blog21ST GST COUNCIL MEETING: MAJOR DECISIONSX X X X Extracts X X X X X X X X Extracts X X X X ..... 21ST GST COUNCIL MEETING: MAJOR DECISIONS - By: - Dr. Sanjiv Agarwal - Goods and Services Tax - GST - Dated:- 13-9-2017 - - GST Council (GSTC) which met at Hyderabad on 9 th September, 2017 for 21 st time took may decisions, major ones being hike in Compensation Cess on automobiles (motor cars) and extension of return filing dates for July, 2017. Following are the key decisions taken by GSTC: Return Form GSTR-3B will continue for six months, i.e. upto December, 2017 Renewed return dates (as on 09.09.2017) for July, 2017: GSTR-1 10th October, 2017 (others) GSTR-1 3rd October, 2017 (with ₹ 100 crore turnover) GST ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... R-2 31st October, 2017 GSTR-3 10th November, 2017 GSTR-4 18th October, 2017 GSTR-6 13th October, 2017 TRANS-1 31st October, 2017 Time frame for returns for August / September, 2017 to be announced later. Option to choose composition scheme can be availed till 30 th September, 2017 which can be availed from 1 st October, 2017. Registration of persons liable to be registered for TDS and TCS shall commence on 18 th September, 2017. The exact date of deduction / collection will be notified later. Reduction of GST rates in about 40 items of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... goods such as walnuts, tamarind, roasted gram, some pooja items, plastic raincoats, khadi fabric sold by KVIC, saree fall, clay idols, irrigation nozzles, charkha for yarn, cotton quilts, worked cords, brooms / brushes, table / wood kitchenware, paper mache articles, stone inlay work, statues, ceramic pots etc. (see table below) 5% GST on branded pulses, cereals etc registered as on 15.05.2017 Packaged products bearing some symbol on which actionable claim may be made to suffer 5% GST Indigenous handmade musical instruments (134 in number) to attract Nil GST rate. Constitution of Group of Ministers to monitor and resolve IT challenges faced in GSTN / GST implementation / filing of returns. This group of members will be a five m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ember team to oversee technical glitches that the tax filing portal, GSTN is presently encountering. Compensation cess hiked on motor cess from 2% to 7% except electric cars, hybrid cars and small cars to be effective from 11.09.2017: Small cars, 13-seater vehicles hybrid cars : No change Mid-size cars : Cess increased by 2% Large cars: Cess increased by 5% SUV's : Cess increased by 7% GST on construction services (works contracts for public structures) for Government reduced from 18% to 12%. Handicraft traders below turnover of ₹ 20 lakhs having inter-state supplies need not register for IGST. Supply of heavy and nuclear fuel by Department of Atomic Energy to NPCIL exempt from GST. Chang ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed timelines for GST Returns The relaxation in dates for filing various returns under GST for July is also a major decision and the following table indicates the revised timelines for returns pertaining to July, 2017 Details / Return Tax Period Revised due date GSTR-1 July, 2017 10.10.2017 GSTR-1 (turnover ₹ 100 crore) July, 2017 03.10.2017 GSTR-2 July, 2017 31.10.2017 GSTR-3 July, 2017 10.11.2017 GSTR-4 July-Septemb ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er, 2017 18.10.2017 (no change) GSTR-6 July, 2017 13.10.2017 Compensation Cess on Vehicles In case of motor cars, there will be status quo maintained on rates so far as 1200 cc petrol and 1500 cc diesel cars are concerned. There will be no additional burden on such cars. With latest changes in cess, GST Council has introduced for first time the progressive or graded cess levy on different types of motor cars or vehicles. The old and revised compensation cess w.e.f. 11.09.2017 is as under: Segment HSN Code / Heading Compensation Cess rate (upto 10.09.2017) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Compensation Cess rate w.e.f. 11.09.2017 Passenger Vehicles of heading 8703 Small Cars (length 4 m ; Petrol 1200 cc) 8703 1% No change Small Cars (length 4 m ; Diesel 1500 cc) 8703 3% No change Mid Segment Cars (engine 1500 cc) 8703 15% 17% Large Cars (engine 1500 cc) 8703 15% 20% Sports Utility Vehicles (length 4m ; engine 1500 cc; ground clearance 170 mm) 8703 15% ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 22% Motor vehicles for transport of not more than thirteen persons, including the driver [falling under sub-headings 8702 10, 8702 20, 8702 30 or 8702 90] 8702 15% No change Hybrid Mid Segment Cars (engine 1500 cc) 8703 15% No change Hybrid Large Cars (engine 1500 cc) 8703 15% No change Hybrid Sports Utility Vehicles (length 4m ; engine 1500 cc; ground clearance 170 mm) 8703 15% No change Key GST rate variations in select items ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... S.No. HSN Description Earlier GST Rate Revised GST Rate 1. 2106 Roasted Gram 12% 5% 2. 2106 Butters, including idli / dosa batter 18% 12% 3. 3307 4100 Dhoop batti, dhoop, sambhrani and other similar items 12% 5% 4. 3926 Medical grade sterile disposable gloves of plastics 28% 18% 5. 50 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to 55 Khadi fabric, sold through Khadi and Village Industries Commission's outlets 5% Nil 6. 5808 Saree fall 12% 5% (with no refund of ITC) 7. 44, 68, 83 Idols of wood, stone (including marble) and metals (other than those made of precious metals) 28% 12% 8. 7102 Rough industrial diamonds including unsorted rough diamonds 3% 0.25% 9. 9404 Cotton quilts 18% 5% on cott ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on quilts not exceeding ₹ 1000 per piece, 12% on cotton quilts exceeding ₹ 1000 per piece 10. 9603 Brooms and brushes, consisting of twigs or other vegetable materials, bound together, with or without handles. Note: Phool bahari jhadoo is already at Nil GST. 5% Nil 11. 4823 Paper mache articles 18% 5% 12. 68 Stone inlay work 28% 12% 13. 6913 Status and other ornamental articles 28% 12% ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 14. 9601 Worked ivory, bone, tortoise shell, horn, antlers, mother or pearl and other animal carving material and articles of these materials (including articles obtained by moulding), articles of coral 28% 12% Returns file/ Tax collected so far GSTC also reviewed filing of returns and noted that over 70% of the eligible taxpayers had filed returns fetching above ₹ 95000 crores as tax. About ₹ 60,000 crore has been claimed as input tax credit. - - Scholarly articles for knowledge sharing authors experts professionals Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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